Loading...
04-10-2014 Special MeetingSPECIAL MEETING OF THE ISLE OF WIGHT COUNTY BOARD OF SUPERVISORS HELD THE TENTH DAY OF APRIL IN THE YEAR TWO THOUSAND AND FOURTEEN AT 10:00 A.M. IN THE ROBERT C. CLAUD, SR. BOARD ROOM OF THE ISLE OF WIGHT COUNTY COURTHOUSE PRESENT: Byron B. Bailey, Chairman, Newport District Rex W. Alphin, Vice -Chairman, Carrsville District Delores C. Darden, Windsor District Alan E. Casteen, Smithfield District Rudolph Jefferson, Hardy District Also Attending: Mark C. Popovich, County Attorney Anne F. Seward, County Administrator Carey Mills Storm, Clerk At 10:00 a.m., the work session was called to order by Chairman Bailey for the purpose of receiving an independent financial review of the Fiscal Year 2015 Budget and potential for debt restructuring from Jimmy Sanderson with Davenport & Company. Mr. Sanderson advised that the County will incur a $3.9 million deficit in FY2014 that will increase to $7.9 million in the FY2015 budget. He briefed the Board regarding staffs three (3) year plan which recommends a $.12 increase in the real estate tax and draws $3.2 million from the Fund Balance in the first year, $1.6 million in the second year and nothing in the third year. He reviewed the County's four (4) main financial policies and best practices, its credit rating history and its existing debt profile. He recommended that the County restructure its debt and certain bonds were identified in order to achieve the best savings over the next few years. He advised that the County needs to maintain its strong investment grade credit ratings in FY2015 to 2018 and ensure that the County has some debt capacity in the future. He advised that negative reactions from credit markets and rating agencies are anticipated as a result of the County drawing down on its Fund Balance and that concern has been expressed by the rating agencies regarding a deficit in FY2014. VA Frank A. Haltom, Director of General Services, briefed the Board regarding cost saving objectives to be undertaken in FY2015 in response to new proposed operating hours at the County's convenience centers. H The Board took a five (5) minute break. H County Administrator Seward advised that a statistical digest of the County's previous years' trends is being developed by staff for reference by the Board during the next budget cycle. She advised the Board that the County's Ordinance approving the County's budget will contain authorization of lease financing of new and replacement equipment; the rollover of encumbered funds up to $50 million; and, will require that all funds appropriated for public schools which are unexpended at year end shall revert back to the County; amends the language and various County codes; contains a fee schedule for motor vehicles, EMS and ALS calls; water and sewer adjustments; planning and zoning fee adjustments; Stormwater and recommended fee adjustments for Stormwater permitting fees, adjustments to parks and recreation fees and a recommendation by the Treasurer regarding a three (3) year license for animals; and, will repeal the partial exemption of solar energy and recycling equipment. She concluded with a timeline of the deliberation process as outlined in a budget development calendar. Supervisor Alphin requested the Board be provided with benchmark figures for the Schools. H At 11:30 a.m., the meeting was adjourngyr" Chairman Bailey. B. Bailey, Chairm Carey ills Storm, Clerk ���... I